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MailTribune.com
  • SOUTHERN OREGON REAL ESTATE

    Existing home sales up 21 percent over 2011

    Buyers, sellers were much more active in market this summer than last summer
  • The pace of existing single-family residence sales accelerated during the summer months.
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  • The pace of existing single-family residence sales accelerated during the summer months.
    From June 1 through Aug. 31, activity picked up 21.5 percent over the same months in 2011, Southern Oregon Multiple Listing Service figures show. Not only that, the average turn-around time from the date "for sale" signs went up until the date a deal was struck dropped from 103 days to 58 days.
    While the inventory of homes fell 25.1 percent from a year ago, this summer's inventory level remained fairly even, falling from 1,226 at the end of June to 1,210 at the end of July to 1,201 heading into Labor Day weekend.
    The median sales price for 599 houses exchanging hands during the three-month period was $169,000, up 9 percent from $155,000 a year ago.
    Traditional sales accounted for 57 percent of the activity, at a median of $203,500; foreclosures made up 27 percent of the deals, at a median of $136,000; and short sales were involved 16 percent of time at a median sales price of $141,000.
    The overall median sales price for August rose 6.9 percent to $171,000 from $160,000 in August 2011.
    East Medford showed the greatest level of activity during the three-month period, with 184 sales of existing homes. The median price for homes in that area increased from $171,000 to $181,250, compared with the same period in 2011.
    West Medford had the second-most sales of existing homes, with 110, followed by Central Point (95) and Ashland (83).
    The largest one-year median price increase came in Eagle Point, where 45 homes sold during the three-month period, with a median price of $198,000. The same June-August period in 2011 saw 32 homes sell at a median price of $154,950.
    While much of the county's new construction isn't funneled through the SOMLS, the number of new houses that are marketed through the system rose 38 percent.
    Reach reporter Greg Stiles at 541-776-4463 or email business@mailtribune.com.
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